China Inn and Midwest Chicken exchanged assets. China Inn received delivery equipment and gave restaurant equipment. The fair value and book value of the restaurant equipment were $14,000 and $9,000 (original cost of $44,000 less accumulated depreciation of $35,000 ), respectively. To equalize market values of the exchanged assets, China inn paid $7,000 in cash to Midwest Chicken. Record the gain or loss for Chino Inn on the exchange of the equipment. (If no entry is required for a porticulor transaction/event, select "No Journal Entry Required" in the first occount field.) Journal entry worksheet Record the gain or loss for China Inn on the exchange of the equipment. Note: Enter debits before credits